3 ways credit can help ease the costs of pet ownership

By Kelli Bamforth | Published: August 28, 2017

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But don't let the price of
admission stop you from joining the 68 percent of U.S. households – around 85
million families – who own a pet. A bit of smart credit card usage can go a
long way toward alleviating the costs of new pet ownership.

Here's how:

1. Save on initial costs with credit card
sign-up offers.Taking advantage of credit
card sign-up bonuses is one of the easiest ways to put a dent in your initial pet
investment (think adoption fees, vaccines, spaying/neutering, etc.). Depending
on the card, you could shave hundreds of dollars off your bill.

For example, Barclaycard CashForward World Mastercard cardholders who spend at least $1,000 in their
first 90 days will snag a $200 sign-up bonus, which could significantly defray the cost of adding a furry friend to the
family. The card also features 1.5 percent cash back on every purchase, but
with an added twist: Each time you claim your cash, you'll receive a 5 percent earnings
bonus to boot.

Meanwhile, the Blue Cash EveryDay Card from American Express comes with a much smaller sign-up bonus of $100
for new cardholders who also spend $1,000 in the first three months. Adding to
this card's appeal, though, is a generous cash back rate of 3 percent at U.S.
supermarkets (up to $6,000 per year).

Such substantial rewards provide
added incentive to buy pet food from your local grocer versus shopping at
specialty retailers, though it's worth noting big-box stores such as Target and
Walmart are not included in the supermarket category.

Then there's the Chase Freedom Unlimited card, which splits the difference between the two preceding
cards by offering a $150 sign-up bonus after you spend just $500 in the first
three months. All purchases earn a 1.5 percent rewards rate. The card accumulates
Chase Ultimate Rewards points, which you can redeem for cash back at a value
of 1 cent per point, or transfer to an eligible Chase card – such as the Chase
Sapphire Preferred card – where points are worth 1.5 cents or more if you
redeem them for travel.

While that doesn't exactly translate
to direct savings on your pet startup costs, it could help you and your new fur
baby save for your first vacation together. (It's a thing!)

2. Get a handle on regular expenditures with pet-specific
credit cards and store loyalty clubs.Specialized credit cards can
help you manage the costs of routine pet maintenance such as dental care, food,
grooming and more. For instance, the American
Kennel Club Visa is a rewards card that offers
three points per dollar at pet stores and vet offices, along with two points
per dollar at gas stations and grocery stores and one point per dollar
everywhere else.

American Kennel Club Visa points
can be redeemed for gift cards, so consider opting for a gift card to PetSmart,
Petco, Amazon, Target or Walmart to help stretch your pet budget.

You can also sign up for
loyalty programs at various pet retailers such as PetSmart,
Petco
and Pet Supplies Plus. Using them in conjunction with the American
Kennel Club Visa will give you even deeper discounts on your newfound pet
parenthood.

Finally, if Petland is your
pet store of choice, it's a no-brainer to sign up for the Petland Credit Card. With every five qualifying purchases of $50
or more within a 12-month period, you’ll score a coupon for 20 percent off. Other
card features include ongoing discounts on Petland brand products and exclusive
discounts four times a year.

3. Special financing programs can help you
afford emergency veterinary care.In the unfortunate case of a
pet care emergency, your veterinary provider may have its own in-office payment
plans. But if you want to prepare ahead of time to avoid a huge bill you can't
afford, look into financing programs such as CareCredit, Vetary or Scratch Pay.

CareCredit, which can also be used to pay for nonemergency
care, offers financing options of six, 12, 18 or 24 months at no interest on
purchases of $200 or more. A word of caution, however: If you fail to pay your
balance in full by the end of the promotional period, interest will be
retroactively imposed from the date of purchase.

Making minimum payments as
outlined in your statement likely won't be enough. You'll need to divide the
purchase total by the number of months in your plan and make that your minimum payment instead. With some
treatments reaching into the thousands of dollars, you could incur hundreds of dollars in
interest if you don’t pay off the loan in time.

As an alternative, you can go
with a payment plan that offers a low interest rate to avoid the risks that
come with a deferred interest loan. For example, at Vetary Credit, APRs start at a reasonable 6.95 percent for
up to $10,000 in pet treatment costs. Scratch
Pay, meanwhile, partners with a
list of vets nationwide to offer three payment options up to 12 months in duration
with APRs as low as 5.9 percent.

While it's never advisable to
carry a balance from month to month, the peace of mind that comes with knowing
your pet can get the health care they need might just be worth it.

All that said, there's just one
more thing you need to figure out: Are you a dog person or a cat person?

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CreditCards.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which CreditCards.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. CreditCards.com does not include the entire universe of available financial or credit offers.